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DOL Amends PTE to Allow Individual Retirement Annuity Owners to Receive Free Broker Services
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]Link to more items from this source
[Official Guidance]
Dec. 12, 2002
Excerpt: [American Funds Distributors, Inc.] requested that PTE 97-11 be amended to expand the definition of IRA contained in section III(b) of PTE 97-11 to include Individual Retirement Annuities, as such term is defined in section 408(b) of the Code.... PTE 97-11 permits a broker-dealer to offer reduced or no cost services to individuals for whose benefit an IRA or Keogh Plan is established or maintained, provided that the conditions of the exemption have been met[.]

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